Piano Man Billy Joel and his chef wife, 27-year-old Katie Lee, have decided to call time on their marriage it has been confirmed.

"After nearly five years of marriage Billy Joel and Katie Lee Joel have decided to separate," a statement issued by the couple reads. "This decision is a result of much thoughtful consideration."

"Billy and Katie remain caring friends with admiration and respect for each other."

The couple, who have no children together, married in a sunset ceremony in September 2004 at the musician's Long Island estate.

It was the third marriage for the 60-year-old singer who has one child, 23-year-old Alexa – his daughter with second wife Christie Brinkley. He and the supermodel were divorced in August 1994, and remain on good terms